my covenants estimates for the 2 testing dates, page-2

I am reposting for those who have not seen it.

Worst case scenario liquidation value.

You may say that 70% is not harsh enough in a fire sale, however pls note that here no value is assumed for its fund management business which is top 30 globally.
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Simplified estimate based on June 30 08 accounts

AUD1.43bln of rental properties
AUD1.3bln of indirect property investments
121.1mln of cash
intangibles of AUD558.9mln (ignore this)

Total liabs: AUD1.67bln (of which Bank debt: AUD1.346bln)

total shares on issue: 1608mln

(1.43bln +1.3bln)*70%+121.1mln-1.67bln
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1608mln

A 70% discount rate is assumed to the book value of properties, and no goodwill value is assumed, on this basis, NTA will be 22.5cents/share

=22.5c/share